HOUSTON – Bracewell LLP is representing Pioneer Natural Resources Company in a strategic long-term service provider agreement with ProPetro Holding Corp. by which ProPetro will provide affiliates of Pioneer pressure pumping and related services for up to 10 years.
Under the agreement, Pioneer will also divest its pressure pumping assets to ProPetro in exchange for total consideration of $400 million, which is comprised of $333 million for the pressure pumping assets and $67 million for real estate facilities and other assets. The total transaction will be funded through a combination of $290 million of ProPetro shares issued to Pioneer and $110 million in cash.
The transaction is expected to close during the fourth quarter of 2018, subject to customary closing conditions and regulatory approval.
For addition information on the agreement, please click here.
Bracewell lawyers involved in this transaction include:
Partners: G. Alan Rafte, Jason M. Jean, Troy L. Harder, Bruce R. Jocz, Elizabeth L. McGinley, Daniel E. Hemli, Matt Paulson, Amy Karff Halevy and Jeffrey B. Andrews
Senior Counsel: Steven J. Lorch
Counsel: Jacqueline R. Java
Associates: W. Jared Berg, Shannon L. Baldwin and Patrick K. Johnson